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So your average rent is still only 4% of your average income. You'd still have 48k left over after paying rent.
Different timescale; Average income is annual, and rent is monthly
That's confusing. Why not use the same time scale? And what country quotes rent monthly? We do weekly here. Monthly rent makes no sense because months are different lengths.
Rent is the US is typically monthly.
As far as potentially stupid things the US does, this is pretty far down the list.
Canada's also monthly. I've spent some time in Aussie land, they do weekly instead.
I prefer monthly so I only have to stress out about being kneecapped financially once a month instead of 4x a month.
It is also not really stupid since most other costs and income are also monthly unless you get paid by the hour in which case it is highly unlikely that you even have a fixed per day or per week income anyway.
But don't you also get your pay cheque monthly? You don't only get paid by your job once a year. So why is the income stated as yearly?
Most people actually get paid either weekly or every other week, rather than monthly. So it really still won’t match up properly.
Most people here just intuitively understand how our pay/bills system works, because we are so accustomed to it. I’m not saying this to be flippant or anything but we have basically two types of standard employment job. We have hourly workers, who typically can tell you their hourly rate, but won’t really know what their take-home for a given pay period will be, due to inconsistent scheduling, tips, whatever, so using the whole year’s income (a number you have to use for taxes anyway, so you definitely know it) makes sense. Then you have people who have fixed hours or who are paid salary, and they usually describe their compensation package annually, because the specific monthly amount doesn’t matter so much as having it consistently, and it’s presented to them by their employer as an annual number because big numbers feel better when all the numbers are pretty small overall.
It makes adequate sense (in an “it functions well enough” sort of way) when you live in it your whole life and are used to it and nothing else, but I can see it being mighty confusing from the outside.
Thanks for explaining
Monthly rent makes no sense because months are different lengths.
Eh, we typically sign one-year leases here in the US, so the only real effect of paying 1/12 of the total annual rent amount every month is slight adjustments of the due dates.
Where I live rent is usually described in fortnightly periods, despite being paid weekly. I'm pretty sure most of the rest of the west uses monthly, so I don't think it's particularly confusing to describe rent that way (at the very least, I wasn't confused?).
Stupid Americans down voting me 🤣